Stock Traders Purchase Large Volume of Put Options on Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) was the target of unusually large options trading activity on Thursday. Stock traders acquired 23,302 put options on the stock. This represents an increase of 50% compared to the typical daily volume of 15,539 put options.

Paramount Global Price Performance

Shares of Paramount Global stock opened at $10.58 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. Paramount Global has a 12 month low of $9.54 and a 12 month high of $15.70. The stock has a 50 day moving average of $10.85 and a 200 day moving average of $10.75. The firm has a market cap of $7.06 billion, a PE ratio of -1.29, a PEG ratio of 1.35 and a beta of 1.71.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. The business had revenue of $6.73 billion during the quarter, compared to analysts’ expectations of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business’s revenue was down 5.6% on a year-over-year basis. During the same period last year, the company posted $0.30 EPS. On average, research analysts expect that Paramount Global will post 1.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PARA. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. Guggenheim decreased their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Finally, Macquarie reiterated an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. Seven equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Paramount Global presently has an average rating of “Hold” and an average target price of $12.43.

Institutional Investors Weigh In On Paramount Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Carson Advisory Inc. increased its position in shares of Paramount Global by 1.9% during the 3rd quarter. Carson Advisory Inc. now owns 54,364 shares of the company’s stock valued at $577,000 after purchasing an additional 1,004 shares during the last quarter. Prestige Wealth Management Group LLC increased its position in Paramount Global by 13.2% during the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock valued at $90,000 after acquiring an additional 1,011 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of Paramount Global by 8.4% in the second quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock valued at $181,000 after acquiring an additional 1,356 shares during the period. Stonehearth Capital Management LLC lifted its holdings in shares of Paramount Global by 9.3% in the 3rd quarter. Stonehearth Capital Management LLC now owns 16,182 shares of the company’s stock worth $172,000 after acquiring an additional 1,374 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Paramount Global by 1.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 92,019 shares of the company’s stock worth $977,000 after purchasing an additional 1,481 shares during the period. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

About Paramount Global

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.